Again, cudo's on the articulation. More smoke and mirror buzz words of late though. Shorts a little tight? PNC pulling out has to be a concern, though I'm certain your reply will include the usual 'former Wall Street Guru' hot air.

I too can lay claim to all manner of former accomplishments and experiences in our industry, from the street to "The Street". But then I personally know a former mega star, credentialed not unlike yourself, who's storys revolved around his accomplishments in pictures of his former horse ranch, probably not unlike your Castle Rock spread, personal jet, and significant office complex. His right up until the forfeiture hearing on his way to Club Fed.

Ironically, he was undone by former employees distressed by their treatment at the company; A systematic reduction in ranks over time to avoid Fed scrutiny. Didn't Assurity just complete another mass layoff Friday? Some were troubled by the changes in compensation plans that delayed their being paid for their efforts. Didn't you recently change commissions to payable on sale of the loan rather than funding, under the guise of 'teamwork'? Yet others testified they were consistently directed to delay underwriting and closing by indicating conditions were 'not received' or 'unaccepable'. I had the chance to review an FHA someone wanted to transfer to me from Assurity that included copies of conditions and the processers cc to the originator. email copy included, that the underwiter said was missing items clearly included.

Most others bailed when they were required to sign a blanket credit card authorization agreemnt and agree to be charged whatever he thought was owed. Pretty much a blanket right for him to take everything they made. I understand that any originator at Assurity who fails to sign this same type agreement by this coming Friday will be terminated. Am I hearing that correctly?

Oh. Any truth to the rumor that the Assurity Originator Employment Agreement contains a provision that terminated employees forfeit all unpaid commissions?

So is this the death knell we are hearing, or just an opportunity for you to spew enough hot air to power a geothermal plant that could heat Denver on the oldest day of the year?

If you call "the death nell" having a huge pipeline of loans to fund, a great couple of trailing months' profitability, and a couple more interested warehouse banks that want us as a customer, then I guess we're dead. LOL!!!

I don't know if 4 or 5 terminations classifies as a "mass layoff," but if that meets the definition, then I guess we had a mass layoff, too. My definition would be improving our FTE / Funded Loan count and driving down our cost per closed loan for the health of the organization, but I'm just your average idiot shareholder.

Regarding collecting credit card info from retail loan officers to avoid accounts receivable issues related to their charging credit reports, DU fees, appraisals, etc. in the company's name and then potentially not being able to meet their obligations to the company, this is good accounts receivable management. I don't know about you, but I just hate to see that line item that says, "Bad debt expense" on the income statement. It's actually unfortunate that we have had to do this, because most of our loan officers are very good about settling up. But like so many other situations, the sins of the few require the policy change for the many. It's just business - it's not personal.

Regarding commissions, if you quit, you lose your commissions unless the loan is funded. Our philosophy is that if the rest of the staff has to do the work to get deals across the finish line, we're going to go ahead and make the commissions, too. It is true that this is in our loan officer agreement. Some people choose to sign it; others don't. We certainly don't force anyone to.

The question isn't how stressful is the current environment, it's how do YOU respond to the stress.

I eat it for breakfast.

_________________"When they came for everyone else, I said nothing. Then, when they came for me, there was no one left to listen."

Lighten up, Calvin, this is not prison, just a job. It sounds like the goodwill between employer and employee at your shop is in the negative territory. Why would anyone work for you? Sign an agreement to have my credit card charged for credit reports? Where is your risk? Don't you own the company? Maybe you can have the people who work there clean up and make lunch too.

You need to listen to yourself, but I guess your second tag line speaks for itself (looks like good advice for anyone still working for you)

You sound greedy, mean and short sighted, and who wants to eat stressful environment for breakfast?

Sorry if I may sound too harsh or shrewd to some. I'm just trying to be smart about our accounts receivable management and make sure that we don't incur bad debt expense. We have admittedly been burned by loan officers charging up large bills and then walking.

I very much view the relationship between employer and employee as one that has to be win / win to succeed.

I probably sounded defensive because I was attacked. You have to understand, this person frequently comes in and lights up the anti-Assurity threads all at once about every two weeks, to try to get our name at the top of the forums in a negative manner. Why? Beats me. But I feel the need to set the record straight and to let everyone know where we stand on policy issues.

I support not only our retail loan officers, but our wholesale broker partners, as well. Fact of the matter is that I make my money the same way our retail and wholesale customers do - by funding loans.

To that end, we are all on the same side of the fence.

I hope that sets the record straight on where I stand with respect to the relationships at hand.

_________________"When they came for everyone else, I said nothing. Then, when they came for me, there was no one left to listen."

Question: Calvin, are you saying your loan officers are responsible for credit reports, du finding, etc. Are these not the cost of doing business and charged to the customer in some sort of fee? It seems to me that you are making sure that an individual is bound to stay because you wil always owe a good loan officer 30 days or more of pay.
Being in management, we are selling our loans quickly, but if one falls thru the cracks, it certainly isnt the loan officers fault, especially by your own admission, you play the market after the closing. You said in a previous post that everyone was going to this. Not so, I think companies that are trying to delay payroll are doing this. A good loan officer is hard to find, treat them well and they will stay, they dont need to be held hostage for 30-45 days of pay.

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